<p>New Delhi: Finance Minister Nirmala Sitharaman on Thursday said India continues to maintain the momentum of the fastest-growing major economy, with all sectors contributing significantly in economic activities.</p>.<p>Replying to a short-duration discussion on the state of the economy in the Rajya Sabha, the minister also highlighted the various achievements of the Modi government since May 2014.</p>.<p>"The second quarter growth was very high, it is the highest in the world. We continuously maintain that momentum of being the fastest-growing economy," Sitharaman said.</p>.No 'spectacular announcement' likely in February budget: Sitharaman.<p>She further said that in just the last eight years, India has become the fifth largest economy from the 10th in 2014.</p>.<p>"The activities are all across the economy. It's not as if one sector is doing well...All sectors are growing and growing significantly for us to notice it," she said.</p>.<p>She emphasised that the manufacturing sector is also contributing significantly to the economy on the back of measures taken by the government, including the Make-In-India programme and production-linked incentive (PLI) scheme.</p>.<p>India is the second most sought-after manufacturing destination in world, she added.</p>.<p>The finance minister further informed the House that direct tax collection grew by 21.82 per cent this year till November 9 and monthly GST collections have stabilised at Rs 1.6 lakh crore in a sign of economic growth.</p>.<p>Dismissing assertions on the employment front, Sitharaman said the unemployment rate has declined to 10 per cent from 17.8 per cent in 2017-18.</p>.<p>She further said 13.5 crore people have come out of 'multi-dimensional' poverty in the last five years.</p>.Public sector banks get Rs 15,183 cr following ED action under PMLA: Sitharaman.<p>Several Opposition members also raised concern over the rising prices in the country.</p>.<p>To this, the minister replied that the government has taken 'quite a few' measures to check inflation.</p>.<p>The retail inflation based on the consumer price index (CPI) had touched a high of 7.8 per cent in April 2022. However, now it has been close to the Reserve Bank's target of 4 per cent.</p>
<p>New Delhi: Finance Minister Nirmala Sitharaman on Thursday said India continues to maintain the momentum of the fastest-growing major economy, with all sectors contributing significantly in economic activities.</p>.<p>Replying to a short-duration discussion on the state of the economy in the Rajya Sabha, the minister also highlighted the various achievements of the Modi government since May 2014.</p>.<p>"The second quarter growth was very high, it is the highest in the world. We continuously maintain that momentum of being the fastest-growing economy," Sitharaman said.</p>.No 'spectacular announcement' likely in February budget: Sitharaman.<p>She further said that in just the last eight years, India has become the fifth largest economy from the 10th in 2014.</p>.<p>"The activities are all across the economy. It's not as if one sector is doing well...All sectors are growing and growing significantly for us to notice it," she said.</p>.<p>She emphasised that the manufacturing sector is also contributing significantly to the economy on the back of measures taken by the government, including the Make-In-India programme and production-linked incentive (PLI) scheme.</p>.<p>India is the second most sought-after manufacturing destination in world, she added.</p>.<p>The finance minister further informed the House that direct tax collection grew by 21.82 per cent this year till November 9 and monthly GST collections have stabilised at Rs 1.6 lakh crore in a sign of economic growth.</p>.<p>Dismissing assertions on the employment front, Sitharaman said the unemployment rate has declined to 10 per cent from 17.8 per cent in 2017-18.</p>.<p>She further said 13.5 crore people have come out of 'multi-dimensional' poverty in the last five years.</p>.Public sector banks get Rs 15,183 cr following ED action under PMLA: Sitharaman.<p>Several Opposition members also raised concern over the rising prices in the country.</p>.<p>To this, the minister replied that the government has taken 'quite a few' measures to check inflation.</p>.<p>The retail inflation based on the consumer price index (CPI) had touched a high of 7.8 per cent in April 2022. However, now it has been close to the Reserve Bank's target of 4 per cent.</p>